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The phrase "new money" is grammatically correct and can be used in written English.
It is often used to describe wealth that has been recently acquired or earned, as opposed to inherited wealth or established wealth. Example: "The city was booming with the influx of new money from tech start-ups."
Dictionary
new money
noun
Persons or families that have recently become wealthy.
synonyms
Exact(60)
New Money.
New money is showing up.
The IMF has new money.
How do you tastefully acknowledge new money?
All surfed waves of new money.
Hopes of new money may be optimistic.
Some new money will also be available.
Someone ends up holding the new money.
New money is regarded with suspicion everywhere.
Is the new money financing additional losses?
You've got new money, new people.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com